国防军工本周观点：军工全面崛起-20250413

Investment Rating - The industry rating is "Outperform the Market" [4][71]. Core Viewpoints - The military industry is experiencing a comprehensive rise, with the Shenwan Military Industry Index (801740) increasing by 0.28% from April 7 to April 11, while the CSI 300 Index decreased by 2.87%, resulting in an excess return of 3.16 percentage points [2][43]. - The military sector demonstrates strong anti-volatility capabilities due to rigid domestic demand, self-control, and resistance characteristics, especially in the context of escalating international trade tensions [3][43]. - The military industry is expected to see significant demand recovery in 2025, driven by the acceleration of the "14th Five-Year Plan" and the "Centenary of the Army" goals, making it a key area for investment [3][44]. Summary by Sections Market Performance - The Shenwan Military Industry Index ranked third among 31 first-level industries this week, showing strong performance [8][14]. - From the beginning of 2025, the Shenwan Military Industry Index has decreased by 1.64%, while the CSI 300 Index has decreased by 4.69%, indicating a relative outperformance of 3.05 percentage points [16]. Fund Flows and Valuation - There has been a significant increase in passive fund sizes and shares, with a net inflow of 2.788 billion yuan into military ETFs, marking the largest net inflow since the beginning of 2025 [27][44]. - As of April 11, the current TTM price-to-earnings ratio for the Shenwan Military Industry Index is 61.38, with a percentile rank of 78.04%, indicating a high configuration value at this time [44][44]. Key Recommendations - The report strongly recommends focusing on two main lines: "Domestic Trade" and "Self-Control" [44]. - Suggested stocks for "Domestic Trade" include Tianqin Equipment, LIGONG Navigation, and Optical Electronics, while for "Self-Control," recommended stocks include Hangyu Technology and Xiling Power [44].